How many in here own their own home?

[CosmicCowboy]

Curious...prices are crazy but real estate is still a great investment...home price increases have been beating inflation for several years now even with the high property taxes in Texas. It seems like home prices still balance out in low property tax states. Im looking for a house in the Gunnison/Crested Butte area where property taxes are low, but price per square foot are really high. Its not unusual to see asking prices in the $600 per square foot plus.

[Harry Callahan]

Gunnison/Lake City is a super nice area speaking from personal experience over 25 years of summer vacations. Great summertime weather, but also harsh winters can happen.

Prices historically have been pretty high out there, but I think a lot of younger people don't want to go "that far" into the boondocks - at least with the Lake City and Gunnison area. There are properties available out there, but I don't know that you could call them a "Good Deal". If you have a Texas property that you are looking to sell, the stretch to get something in CO may not be as much of a stretch. If you are looking for a summer place, I do see properties available regularly when I visit. Maybe still a little pricey for a "2nd Home", but there is turnover.

I am not well versed on Crested Butte. Good Luck!

[CosmicCowboy]

Gunnison/Lake City is a super nice area speaking from personal experience over 25 years of summer vacations. Great summertime weather, but also harsh winters can happen.

Prices historically have been pretty high out there, but I think a lot of younger people don't want to go "that far" into the boondocks - at least with the Lake City and Gunnison area. There are properties available out there, but I don't know that you could call them a "Good Deal". If you have a Texas property that you are looking to sell, the stretch to get something in CO may not be as much of a stretch. If you are looking for a summer place, I do see properties available regularly when I visit. Maybe still a little pricey for a "2nd Home", but there is turnover.

I am not well versed on Crested Butte. Good Luck!

Yeah, I love the area. My double diamond ski days are over after the knee replacements but I have been skiing, snowmobiling, 4 wheeling and fly fishing in the area for 25 years. I've skiied just about every area in Colorado and have liked Crested Butte the most. And yeah, I am looking at a 4000sf house between Gunnison and CB and will sell my house in SA and move most of the furniture etc. there. I plan to spend summer/fall in Colorado and Winter/Spring at the lake house when I retire, plus will join the kids for ski trips in the winter.

[Spurtacular]

Pity post.

[Leetonidas]

I do. Purchased 3 years ago when the entire neighborhood was under development and have seen a nice increase in the value since everything has been built since then. Property taxes have skyrocketed though

[SnakeBoy]

Paid our house off in 2008 I think. Paid $220k. Zillow puts it at $1.1M now. We planned to stay here forever but if this keeps up we may have no choice but to sell and retire somewhere else.

We know 2 olds couples that do the summers in Colorado thing and one who does summers in BC. They all love it.

[spurraider21]

just bought our current place in october 2020

i dont really care much for the zillow estimates, but its already about 10% higher than our purchase price

[BD24]

I used to and sold a few years back, turned a nice profit. Rent an apartment downtown now instead. Home ownership is just such a pain in the ass. I’ll probably buy again in the future, but I’m good renting for now. Just a lot more carefree

[DMC]

Paid our house off in 2008 I think. Paid $220k. Zillow puts it at $1.1M now. We planned to stay here forever but if this keeps up we may have no choice but to sell and retire somewhere else.

We know 2 olds couples that do the summers in Colorado thing and one who does summers in BC. They all love it.

Similar situation but not considering selling ATM.

[DMC]

I used to and sold a few years back, turned a nice profit. Rent an apartment downtown now instead. Home ownership is just such a pain in the ass. I’ll probably buy again in the future, but I’m good renting for now. Just a lot more carefree

In 10 years you'll have spent hundreds of thousands on rent and you'll have nothing to show for it. With houses, you're basically being paid a deferred salary to live there.

[SnakeBoy]

Similar situation but not considering selling ATM.

Neither are we. I'm talking 10-15 years from now if the value keeps going up at this rate.

[BD24]

In 10 years you'll have spent hundreds of thousands on rent and you'll have nothing to show for it. With houses, you're basically being paid a deferred salary to live there.
I understand the benefits of home ownership. I just dont feel like dealing with everything else that comes with it at the moment. I realize I’ll lose some money long term because of that, but I’m ok with that. I’ll probably buy a townhouse or house near downtown in a few years time

[SnakeBoy]

With luck Texas will turn blue around the time we retire and Texas will switch from property tax to a state income tax

[Trill Clinton]

I own a home

[Joseph Kony]

Owning a home was awesome at first especially since I bought a brand new one but I soon learned that keeping up with it is a huge pain in the ass

[BD24]

Owning a home was awesome at first especially since I bought a brand new one but I soon learned that keeping up with it is a huge pain in the ass
This

[CosmicCowboy]

Paid our house off in 2008 I think. Paid $220k. Zillow puts it at $1.1M now. We planned to stay here forever but if this keeps up we may have no choice but to sell and retire somewhere else.

We know 2 olds couples that do the summers in Colorado thing and one who does summers in BC. They all love it.

Same with my house in SA. Bought in 35 years ago when the property was still relatively cheap. Obviously spent money over the years but have 2.5 acres in the house/barn compound inside Wurzbach parkway. A 1 acre empty lot behind me just sold for 350K.

[Blake]

Owning a home was awesome at first especially since I bought a brand new one but I soon learned that keeping up with it is a huge pain in the ass

Yah. If you really start crunching numbers I'm not so sure you're better off with buying unless you're planning on selling at some point. There are definitely pros to renting that many people don't think about.

[GAustex]

Paid my North Austin house near domain 4 years ago.
I looked again today and another brick has turned into gold.

[Blake]

Same with my house in SA. Bought in 35 years ago when the property was still relatively cheap. Obviously spent money over the years but have 2.5 acres in the house/barn compound inside Wurzbach parkway. A 1 acre empty lot behind me just sold for 350K.

Yeah no doubt. My chauffeur just sold his vacant lot up in Encino Park for $527.2k.

[spurraider21]

I used to and sold a few years back, turned a nice profit. Rent an apartment downtown now instead. Home ownership is just such a pain in the ass. I’ll probably buy again in the future, but I’m good renting for now. Just a lot more carefree
one of the good lines ive heard is that rent reflects the most you'll pay in a given month, while the mortgage reflects your minimum

[CosmicCowboy]

Yeah no doubt. My chauffeur just sold his vacant lot up in Encino Park for $527.2k.

Don't be jealous, Bluck. Life is all about planning and making good choices. Your ex obviously understood that.

[spurraider21]

In 10 years you'll have spent hundreds of thousands on rent and you'll have nothing to show for it. With houses, you're basically being paid a deferred salary to live there.
true, but thats also contingent on knowing you're going to live there for at least 5-10 years, since during the early years of your mortgage you're paying almost entirely interest, and you have closing costs from the purchase/sale. and upkeep during that time.

but yeah, if you know you'll live in a place for a period of time, equity is obviously a great thing. can also be location specific. here in cville, i dont plan on being here that long, but we ran the numbers, and rent here is high relative to property prices, so buying just made sense. for most people it really just comes down to not being able to save up enough capital for a down payment.

[Joseph Kony]

Yah. If you really start crunching numbers I'm not so sure you're better off with buying unless you're planning on selling at some point. There are definitely pros to renting that many people don't think about.

I definitely plan on selling at some point and buying another house to remodel to my liking. my wife is super into those fixer upper shows on HGTV and i'd like to do something like that some point when we're older. based on zillow, which im not sure how accurate that is, my house has already gone up ~$90k in value since i bought it in 2018.

[BD24]

one of the good lines ive heard is that rent reflects the most you'll pay in a given month, while the mortgage reflects your minimum
Yea. That’s a fair comparison. I lived in my house around 5 years and it seemed there was at least 1 thing that needed fixed or repaired every damn year. The money to fix shit was annoying…but just the pain in the ass of having to get someone out at your place to fix shit was almost worst. Anything breaks in my apartment I just call maintience and they come fix it. No lawn to maintain or anything like that. When it used to hail would be worried about my roof getting trashed. Sleep like a baby now when that happens.

[ElNono]

Sold before moving to LA. Despite having the money, not planning to purchase unless the bubble pops... rather make the money work and buy a 5x bigger house somewhere else for 1/10th the price.

[Thread]

All I require is peace and quiet and to be left alone.

[Thread]

Sold before moving to LA. Despite having the money, not planning to purchase unless the bubble pops... rather make the money work and buy a 5x bigger house somewhere else for 1/10th the price.

Bend over. I'll get to makin' sure that fuckin' bubble pops.

[spurraider21]

Sold before moving to LA. Despite having the money, not planning to purchase unless the bubble pops... rather make the money work and buy a 5x bigger house somewhere else for 1/10th the price.
property in LA is egregious tbh

[SnakeBoy]

Yah. If you really start crunching numbers I'm not so sure you're better off with buying unless you're planning on selling at some point. There are definitely pros to renting that many people don't think about.

My parents rented 30+ years. They did keep the place nice and do basic maintenance like painting and stuff for all those years. So the guy that owned the place only raised the rent just enough to keep pace with property tax. I remember just before he died in 2010 my dad was bitching that the landlord had raised the rent $15 dollars a month to $425 :lol

[DMC]

true, but thats also contingent on knowing you're going to live there for at least 5-10 years, since during the early years of your mortgage you're paying almost entirely interest, and you have closing costs from the purchase/sale. and upkeep during that time.

but yeah, if you know you'll live in a place for a period of time, equity is obviously a great thing. can also be location specific. here in cville, i dont plan on being here that long, but we ran the numbers, and rent here is high relative to property prices, so buying just made sense. for most people it really just comes down to not being able to save up enough capital for a down payment.

Even before equity you're not losing your entire payment. You're getting closer to equity. If you bought a home 2 years ago for 300 today it's likely worth 500. that means you could sell it and still have a profit ergo equity. It doesn't matter how good the housing market is if you're renting.

[DMC]

All I require is peace and quiet and to be left alone.

tight pussy, loose shoes, and a warm place to shit.

[DarrinS]

Californians moving to Austin are getting raped.

[DMC]

Californians moving to Austin are getting raped.

:lol true

Friend had a house on the market in 2019 for 700K. Sat there for months with just a few tire kickers coming by. He takes if off the market. FFWD a few months and a Cali couple offers him 1m cash no questions. He loaded up the truck and moved to Wimberly.

[spurraider21]

Even before equity you're not losing your entire payment. You're getting closer to equity. If you bought a home 2 years ago for 300 today it's likely worth 500. that means you could sell it and still have a profit ergo equity. It doesn't matter how good the housing market is if you're renting.
true. but thats also a function of time. the small amount of increased home value would have to offset the closing costs (and cost of upkeep). that becomes more demonstrable with time though.

[spurraider21]

:lol true

Friend had a house on the market in 2019 for 700K. Sat there for months with just a few tire kickers coming by. He takes if off the market. FFWD a few months and a Cali couple offers him 1m cash no questions. He loaded up the truck and moved to Wimberly.
market in some parts of CA have been bonkers. there were news articles of people offering nearly twice asking price with cash, or one guy offered to buy cash at asking price but also agreed to buy the sellers' next house for them :lol

[Blake]

Don't be jealous, Bluck. Life is all about planning and making good choices. Your ex obviously understood that.

hEy eRRyBoDy iM bUyInG a hOuSe iN a sKi towN noThInG fAnCy jUsT $600 pEr sQfT dOnt hATe mE 4 iT

[ducks]

The ducks does

[ElNono]

Californians moving to Austin are getting raped.

Depends on what part of California we're talking about here... huge difference from San Francisco or Los Angeles vs Apple Valley...

[SnakeBoy]

Depends on what part of California we're talking about here... huge difference from San Francisco or Los Angeles vs Apple Valley...

Also depends if they made a shitload selling their Cali home. Couple down the road from me retired here after selling their SF home, to them these are dirt cheap prices.

[ElNono]

Also depends if they made a shitload selling their Cali home. Couple down the road from me retired here after selling their SF home, to them these are dirt cheap prices.

Yup.

[Thread]

tight pussy, loose shoes, and a warm place to shit.

2 outta 3 ain't bad.

[rmt]

You guys in TX have it really bad with property taxes which are forever (vs eventually paying off for house). If one wasn't married with kids, I'd probably go the rental route instead of trying to buy into that INSANE housing market.

Florida has a 3% yearly increase cap in assessed value - but the homeowner's insurance is high (hurricane risk) - supervisor was complaining yesterday about $10k insurance. I take high deductible (12k) on mine which reduces premium.
Lots of people forego homeowner's insurance when they pay off their homes - install impact windows (it's almost like you can't get regular glass anymore) and or hurricane/accordian shutters and take a chance. I'll be going without when my mortgage is paid off in 3 years' time - figure what's the chance of a hurricane hitting the same spot as Hurricane Andrew?

[DMX7]

Also depends if they made a shitload selling their Cali home. Couple down the road from me retired here after selling their SF home, to them these are dirt cheap prices.

That's right and just the cost of living in general is so much cheaper in Austin. Your run of the mill fast food cost like 30-40% more in SF sometimes.

[CosmicCowboy]

You guys in TX have it really bad with property taxes which are forever (vs eventually paying off for house). If one wasn't married with kids, I'd probably go the rental route instead of trying to buy into that INSANE housing market.

Florida has a 3% yearly increase cap in assessed value - but the homeowner's insurance is high (hurricane risk) - supervisor was complaining yesterday about $10k insurance. I take high deductible (12k) on mine which reduces premium.
Lots of people forego homeowner's insurance when they pay off their homes - install impact windows (it's almost like you can't get regular glass anymore) and or hurricane/accordian shutters and take a chance. I'll be going without when my mortgage is paid off in 3 years' time - figure what's the chance of a hurricane hitting the same spot as Hurricane Andrew?

It kind of balances out. I pay about $40,000 a year in property taxes between personal and business but with no state income tax (say 10%) it pretty much works out to be the same.

[Blake]

Florida does not have state income tax either

[DMC]

market in some parts of CA have been bonkers. there were news articles of people offering nearly twice asking price with cash, or one guy offered to buy cash at asking price but also agreed to buy the sellers' next house for them :lol

I don't know.. did he have pointy elbows? I think I could get better offers.

[DMC]

You guys in TX have it really bad with property taxes which are forever (vs eventually paying off for house). If one wasn't married with kids, I'd probably go the rental route instead of trying to buy into that INSANE housing market.

Florida has a 3% yearly increase cap in assessed value - but the homeowner's insurance is high (hurricane risk) - supervisor was complaining yesterday about $10k insurance. I take high deductible (12k) on mine which reduces premium.
Lots of people forego homeowner's insurance when they pay off their homes - install impact windows (it's almost like you can't get regular glass anymore) and or hurricane/accordian shutters and take a chance. I'll be going without when my mortgage is paid off in 3 years' time - figure what's the chance of a hurricane hitting the same spot as Hurricane Andrew?

Chance is pretty good since that area is in the bowling lane of hurricanes.

[The Gemini Method]

I inherited my house when my pops passed. It's modest a 4br 2.5 bath cookie cutter development. Probably worth more if I sold it now, but this has been in our family's name since the early 80's. Lots of sentimental value to myself and my siblings.

[rmt]

Chance is pretty good since that area is in the bowling lane of hurricanes.

Not really - it would have to be category 5 and direct hit. After Hurricane Andrew, they changed a lot of the codes - now, even 2nd floors have to be concrete (exterior). I'd be more worried about flooding which I can't do anything about vs windows/garage doors which are hurricane rated. Some do impact glass and keep their shutters (double protection).

[ChumpDumper]

Californians moving to Austin are getting raped.They're running up the prices because a lot of them can bid cash from the sale of their California houses. The Texans are getting raped more because of the competition. I'm glad we got a bigger place a couple years back kind of between price surges. A comp sold in the spring for 50% over what we paid and now Zillow is showing them all around 70% higher FWIW.

[Spurtacular]

:lol Derp getting a double wide trailer.

[johnsmith]

They're running up the prices because a lot of them can bid cash from the sale of their California houses. The Texans are getting raped more because of the competition. I'm glad we got a bigger place a couple years back kind of between price surges. A comp sold in the spring for 50% over what we paid and now Zillow is showing them all around 70% higher FWIW.

This! We started looking for a new place about a month ago and then decided, fuck that, let’s wait this current surge out.

[Frenchfred]

My wife and I might be looking at moving back to the States. She's from California, so I thought that we'd looking there (not SF even thought it'd be my first choice) in southern California. Looking at prices, we'd have to live pretty far inland. So, why not Texas since my company has an office in Houston, and I looked at prices, this is insane when you add the property taxes and insurance, you are essentially at 4-5k$/month for 30 years. That's already a good salary net after taxes. I could probably get 150 k$ from my company moving there so that means that more than half my salary would go into the house and I'm already in my late 40s so I could not take a 30-year mortgage. This is just insane, we are talking about Houston, not to be mean but this is not the most interesting city in the world.

[pgardn]

:lol Derp getting a double wide trailer.

Better than "your" van down by the river.
Your mom has ownership, correct?

[Adam Lambert]

My wife and I might be looking at moving back to the States. She's from California, so I thought that we'd looking there (not SF even thought it'd be my first choice) in southern California. Looking at prices, we'd have to live pretty far inland. So, why not Texas since my company has an office in Houston, and I looked at prices, this is insane when you add the property taxes and insurance, you are essentially at 4-5k$/month for 30 years. That's already a good salary net after taxes. I could probably get 150 k$ from my company moving there so that means that more than half my salary would go into the house and I'm already in my late 40s so I could not take a 30-year mortgage. This is just insane, we are talking about Houston, not to be mean but this is not the most interesting city in the world.

You should still be able to find a Houston area home for much less than that. Probably have to settle for a longish commute, but that's the Houston way. Look outside the loop.

[RandomGuy]

Own a home.

It has appreciated about 50-70% in five years.

Refinancing it now, taking money out of that piggy bank, and paying off the last of the student loans. Interest rate won't change much, will have thousands in transaction costs, but leaves my cash flow situation $900/mo better off instantly, allowing for us to vastly increase our saving rate.

We bought just in time.